The Manitowoc Company Announces Divestiture of its Kysor/Warren Business to Lennox International

Wednesday, December 15, 2010

The Manitowoc Company Announces Divestiture of its Kysor/Warren Business to Lennox International07:39 EST Wednesday, December 15, 2010
MANITOWOC, Wis. (Business Wire) -- The Manitowoc Company, Inc. (NYSE: MTW) announced today that it has
signed a definitive agreement for the divestiture of its Kysor/Warren
and Kysor/Warren de Mexico businesses (“Kysor/Warren”) to Lennox
International (NYSE: LII) for a value of approximately $138 million,
subject to a post-closing working capital adjustment. Kysor/Warren is a
leading producer of refrigerated display merchandisers and systems
primarily for retail applications.
“Over the last several years, Manitowoc has built a strong portfolio of
leading brands serving the commercial foodservice industry, and we
believe the value of Kysor/Warren will be better leveraged under
Lennox's ownership,” said Glen E. Tellock, Manitowoc's chairman and
chief executive officer. “In addition, this divestiture will allow us to
intensify the focus on our strategic imperatives including greater
innovation around our core brands, improving operational efficiencies
across our global footprint, and driving organic growth opportunities.”
Manitowoc will use the net proceeds of approximately $100 million from
this sale to further reduce its secured debt and financial leverage. The
transaction, which is expected to close in the first quarter of 2011, is
subject to customary closing conditions, including regulatory approvals.
At the closing of the transaction, employees of Kysor/Warren will
transfer to the buyer.
About The Manitowoc Company, Inc.
The Manitowoc Company, Inc. is a multi-industry, capital goods
manufacturer with nearly 100 manufacturing, distribution, service,
and/or office facilities in 26 countries. It is recognized as one of the
world's largest providers of lifting equipment for the global
construction industry, including lattice-boom cranes, tower cranes,
mobile telescopic cranes, and boom trucks. Manitowoc also is one of the
world's leading innovators and manufacturers of commercial foodservice
equipment serving the ice, beverage, refrigeration, food prep, and
cooking needs of restaurants, convenience stores, hotels, healthcare,
and institutional applications.
Forward-looking StatementsThis press release includes "forward-looking statements" intended to
qualify for the safe harbor from liability under the Private Securities
Litigation Reform Act of 1995. Any statements contained in this press
release that are not historical facts are forward-looking statements
within the meaning of the Private Securities Litigation Reform Act of
1995. These statements are based on the current expectations of the
management of the company and are subject to uncertainty and changes in
circumstances. Forward-looking statements include, without limitation,
statements typically containing words such as "intends," "expects,"
"anticipates," "targets," "estimates," and words of similar import.By their nature, forward-looking statements are not guarantees of
future performance or results and involve risks and uncertainties
because they relate to events and depend on circumstances that will
occur in the future. There are a number of factors that could cause
actual results and developments to differ materially from those
expressed or implied by such forward-looking statements.Factors
that could cause actual results and developments referenced in this
press release to differ materially include, among others:Governmental, regulatory and/or third party approvals; andunanticipated issues that could impact the satisfaction of the
conditions precedent to closing.Manitowoc undertakes no obligation to update or revise
forward-looking statements, whether as a result of new information,
future events, or otherwise. Forward-looking statements only speak as of
the date on which they are made. Information on the potential factors
that could affect the company's actual results of operations is included
in its filings with the Securities and Exchange Commission, including
but not limited to its Annual Report on Form 10-K for the fiscal year
ended December 31, 2009.
The Manitowoc Company, Inc.Carl J. Laurino, Senior Vice President
& Chief Financial Officer920-652-1720

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